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Sterling to Acquire Eastern U.S. Restaurant Franchise Finance Portfolio From GE Capital

June 29, 2016, 08:01 AM

Sterling National Bank, the principal subsidiary of Sterling Bancorp, announced it has entered into a definitive agreement with GE Capital to acquire a portfolio with approximately $190 million of performing restaurant franchise financing loans. Borrowers within the portfolio are primarily located in Sterling's core markets of New York, New Jersey, Pennsylvania, and Connecticut. The transaction is expected to close in the third quarter of 2016.

"The acquisition of this loan portfolio supports the continuation of our strategy to leverage existing infrastructure and expertise within commercial finance," stated Tom Geisel, President of Sterling's Specialty Finance Division. "These relationships will be managed within our Equipment Finance group given the loan structures and client businesses are closely aligned. Executing on our team-based delivery model, we welcome these new relationships and will work to build upon them."

Sterling National Bank specializes in the delivery of service and solutions to business owners, their families, and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.

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